SME Tax News

In Golamreza Qolaminejite (aka Anthony Cooper) v HMRC [2021] UKUT 0118, the Upper Tribunal (UT) found the FTT had not considered all the relevant evidence in determining that unexplained receipts were subject to tax as business income. It also concluded that the FTT had considered a contract appropriately and that an input VAT claim was blocked as there was no evidence of a supply being made.

Recent reports suggest that some Disguised Remuneration scheme and Contractor loans are being called in for repayment following changes to the lenders. Taxpayers affected are advised to seek specialist advice before agreeing to repay their loans.

HMRC have published a policy paper giving details of the fifth Self-Employment Income Support Scheme (SEISS) grant which will be available from late July 2021. 

In John Tenconi v HMRC [2021] TC08088, the First Tier Tribunal (FTT) found that the transfer of a beneficial interest in guarantee rights was a chargeable disposal subject to Capital Gains Tax (CGT) and the rights could not be considered shares for the purposes of Entrepreneurs’ Relief.

In James and Barbara Mobey v HMRC [2021] TC08103, the First Tier Tribunal (FTT) denied Stamp Duty Land Tax (SDLT) Multiple Dwellings Relief (MDR) on the purchase of a substantial property with a basement annexe. The annexe did not offer the required facilities to be a dwelling in its own right and compromised the privacy of the main house.

Missed our SME Tax Web-updates in May? Here is a summary of the month.

HMRC have released statistics showing the number and amount of investments made under the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR) scheme.

HMRC have published new advisory fuel rates for company car drivers which apply from 1 June 2021. Most rates have increased from the rates applicable for the previous three months.